Türkiye: Brent Crude Rises 0.02% to $83.57 on Middle East Supply Concerns

Brent crude oil was trading at $83.57 per barrel on international futures markets on Monday, as supply concerns fueled by Middle East tensions and uncertainty over the Strait of Hormuz pushed prices higher. Brent's October-delivery barrel rose 0.02% from Friday's close of $83.55, after reaching as high as $84.44 on Friday. West Texas Intermediate (WTI) crude for September delivery stood at $78.06 a barrel at the same time.

Iranian officials reiterated their hardline stance on the strategic waterway. Revolutionary Guards spokesman Brigadier General Hossein Mohibi said Tehran's strategy is to keep control of the Strait of Hormuz until the US accepts all of Iran's conditions. Expediency Discernment Council Chairman Sadeq Amoli Larijani said Iran will not back down on the strait regardless of the cost.

Iranian lawmaker Fedahossein Maleki said talks with Oman on the use, management and control of the strait have made significant progress and are nearing a final agreement. Iranian Foreign Minister Abbas Araghchi said no negotiations are currently underway with the US, while US President Donald Trump claimed contacts between the two countries are being conducted quietly.